From a team of writers at the New York Post:
Mets’ Money Woes Only Getting Worse
They should change their name to the New York Debts.
The cash-starved Mets are desperately seeking a new loan -- totaling tens of millions of dollars -- to cover their basic operating expenses, The Post has learned.
JPMorgan Chase -- which led the banks that loaned the team about $430 million last year -- is trying to recruit other institutions to join a syndicate to put together a new loan that would tide the Mets over until they sell a minority stake in the ballclub.
The question has come up before - Why would someone want to invest hundreds of millions of dollars, just to be subservient to the Wilpons, who have essentially mismanaged this once-great franchise into the ground?
Well, there doesn’t seem to be any shortage of such would-be minority owners:
The Mets already have passed on to MLB the qualifications of more than a dozen groups of would-be buyers who are interested in purchasing less than 50 percent of the ballclub, leaving the Wilpons in place as team owners.
After MLB vets those prospective purchasers, the team would then entertain offers.
Again, I just don’t see the allure. As minority owner, you don’t get to run the show or be famous. You just get to cast a meaningless vote every so often, and enjoy a really nice luxury suite when your yacht’s in the shop.
All that changes if the Wilpons can’t get their financial house in order, and I suspect that these dozen-plus groups of prospective “minority” owners actually have their sights set on becoming majority owners, and in the not-distant future. Given how things have gone lately, that seems like a pretty good bet. I really believe that it won’t be long before the Mets are healthy again, both financially and competitively.
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